HomeMy WebLinkAboutrda min 1982/11/18
MINUTES OF AN ADJOURNED REGULAR MEETING OF THE REDEVELOPMENT AGENCY
OF THE CITY OF CHULA VISTA, CALIFORNIA
Thursday, November 18,1982 Council Conference Room
4:00 p.m. City Hall
ROLL CALL
MEMBERS PRESENT Chairman Cox; Members Malcolm, Moore, McCandliss,
Scott
MEMBERS ABSENT None
STAFF PRESENT Executive Di rector Cole, Community Development
Director Desrochers, Special Counsel Reed
ALSO PRESENT Charles Adams, James Gibbs, Fred Waldeck
ITEM NO.1 - DISCUSSION OF PARKING STRUCTURE FINANCING
A financing method whereby the City will be the liable entity but the Agency
will guarantee repayment from tax increments is proposed for the Parking
Structure. Community Development Di rector Desrochers proposed that the
Agency review the preliminary documents regarding this type of fi nanci ng
(Certificates of Participation) prior to the bid award for the structure on
December 8, 1982. Therefore, the sizing of the issue will coincide with the
actual cost which will include a reserve for contingencies.
Utilizing a flow chart, Community Development Director Desrochers explained
the parking structure financing transaction involving Imperial Municipal
Services Group, Inc.
In response to Member Scott's questi on, Charl es Adams, representi ng Jones
Hall Hill & White, indicated that utilizing Imperial Municipal Services Group
as the Lessor in this issue will provide for greater flexibility and a better
chance of getting into the market.
(Member McCandliss arrived at this time, 4:20 p.m.)
Mr. Fred Waldeck, representi ng Imperi al Municipal Services Group, Inc.,
commented on his firm's role as the seller of the certificates and noted that
a simil ar type of fi nanci ng method was performed for Anaheim IS $54 mi 11 ion
parking structure in August. Mr. James Gibbs, representing E. F. Hutton, in
answer to Member Scott's concerns, expl ai ned that the bond i nsurance woul d
require additional annual payments, and because of the strength of the issue
would not result in a great reduction in interest rate. In conversation with
Mr. Desrochers, they concurred that Bond Insurance was not preferable for
this issue. Member Scott stated that he agreed with this explanation.
Further discussion involved a detailed explanation of Imperial's role in the
sell i ng of these certifi cates, the sal e of bonds on or about December 13,
1982, and that the issue will be sized after the parking structure
construction bids are opened.
Adjourned Regular Meeting
Redevelopment Agency -2- November 18, 1982
MEMBERS' COMMENTS
Chairman Cox noted a correction to the preliminary statement on page 16 un1er
"Ci ty Government and Fi nances. " Frank Scott's name shoul d be 1 i sted as Ma or
Pro Tempore instead of Gayle McCandliss. !
Member Scott commended staff and Messrs. Waldeck, Adams, and Gibbs for th~ir
excellent presentation.
ADJOURNMENT at 4:35 p.m. to the City Council meeting immediately following
and the regular meeting of December 2, 1982 at 7:00 p.m. '
WPC 0439H
11/18/82
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